What Are the New York EV Incentives?
There are plenty of benefits to driving a plug-in hybrid or fully-electric vehicle in the Syosset area! These vehicles enjoy enhanced performance, top-notch efficiency, and next-level technology inside and out. BMW offers a wide variety of hybrids and EVs, including the BMW i4, iX, 330e, 550, and more! While there are plenty of performance and technological advantages to owning an EV, one of the best financial benefits is access to state and federal tax credits. The finance team at Habberstad BMW has outlined everything you need to know about New York EV rebates on the state and federal levels in the guide below.
New York State & Federal EV Incentives
New York Electric Vehicle Rebate
As part of an increased effort to focus on renewable energy on the road, the federal government has been offering income tax credits on select plug-in hybrids and electric vehicles since 2010. The incentive helps drivers save up to $7,500 on a hybrid or EV, depending on a few factors like make, model, and battery size. Here’s a list of the BMW hybrids and EVs that qualify for the federal credit in Oyster Bay, along with the amount you can save:
- BMW 330e / 330e xDrive: $5,836
- BMW 550e / 550e xDrive: $5,836
- BMW 740e xDrive: $4,668
- BMW 745e xDrive: $5,836
- BMW i4: $7,500
- BMW iX: $7,500
- BMW X3 xDrive30e: $5,836
- BMW X5 xDrive45e: $7,500
New York Electric Vehicle Rebate
The Drive Clean Rebate in New York is an additional state tax credit that you can combine with the $7,500 tax incentive! Like the federal incentive, the Drive Clean Rebate varies depending on the make and model of your electric vehicle, but it generally ranges from $500 all the way to $2,500! That means that you can save a maximum of $9,500 on an electric vehicle with state and federal credits! All of the BMW hybrid and electric vehicles sold by Habberstad BMW qualify for $500 in the New York EV rebate. That means that, if you buy the new BMW i4 or iX, you can save a total of $8,000!
Find Your Next Electric Vehicle at Habberstad BMW!
Interested in learning more about our fleet of fully-electric vehicles? Check out our blog posts on the BMW iX price or the BMW i4 concept! You can also contact us or stop by our dealership to set up a test drive of an available model if you want to see how a BMW EV handles on the Syosset roads.
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